Industry News
Evolution Gaming Reports Positive H1 2020 Results
Evolution Gaming has reported positive H1 2020 results. The company’s operating revenue increased 48% year-on-year to €243.5 million during H1.
EBITDA also increased by 85% to €145.3 million, corresponding to a margin of 59.7% (47,7), while profit for the period amounted to €124,6 million (63,1) and earnings per share amounted to €0.69 (0.35).
During the second quarter, operating revenues increased by 50% to €128.3 million (85,7), EBITDA increased by 90% to €81,1 million (42,7), corresponding to a margin of 63,2% (49,8). Profit for the period amounted to €70,4 million (34,5) and earnings per share amounted to €0.39 (0.19).
Evolution CEO Martin Carlesund said: “The strong development for Evolution continued during the second quarter. The quarter has been eventful with several product launches and a very high demand, partly due to the lack of sports betting games through a large part of the period, but we also see strong underlying growth. At the end of June, we announced a recommended offer to the shareholders of NetEnt with the aim to expand Evolution’s offering with market-leading slots and to continue towards our vision to become the global leading provider of online casino.
“Revenues for the second quarter amounted to EUR 128.3 million (85.7), an increase of 50 percent compared to the corresponding period last year. EBITDA amounted to EUR 81.1 (42.7) with a margin of 63 percent. The margin has been positively affected by high demand and that we have operated fewer tables due to the pandemic. However, the lower number of tables has had a negative effect on revenue both through lower fees from our dedicated environments and through lower capacity than normal. For the January-June period, the margin was 60 percent, meaning we have a good distance to our previous prediction of improving the margin level this year compared to 2019.
“Evolution’s vision is to become the leading B2B provider in online casino. An acquisition of NetEnt means that we can accelerate the pace towards this vision. To add NetEnt’s leading slots to Evolution’s strong Live Casino offering will create a very strong market position significantly faster, especially in the USA, and together with clear synergies we believe this to be a strategic and highly attractive acquisition. A future Evolution with two verticals as the foundation will increase cash flow and reduce risk, while the growth potential increases. The bid process continues according to the previously announced time schedule.
“During 2020, Evolution has continued and strengthened its focus on products and innovation. Our ability to develop new unique games while at the same time creating new variants of traditional games is important to further strengthen our leading position in Live Casino. So far, we have launched 8 out of the 12 games that we will launch this year. After the end of the quarter, we launched another one – Crazy Time – which is the most expensive and time-consuming game that we have developed to date. The reactions were instant, and we are overwhelmed by the positive reception among both players and operators.
“All new titles, especially in the Game Show category, contribute to a generally higher interest in Live Casino. To meet the increasing demand, it is vital that we continue to expand our studio capacity. Our Pennsylvania studio will be our 9th studio. Upcoming additions include a studio in Michigan and an English speaking studio in Lithuania.
“During the quarter we signed an agreement with Golden Nugget that will see Evolution’s US Live Casino services to be added to their existing online offering in New Jersey. The agreement consolidates Evolution’s leading position in New Jersey, while also providing a strategic platform to explore additional opportunities together with Golden Nugget in other states as the regulation of online casino in the USA continues.
“It has been an intense first half of the year impacted by Covid-19, which has entailed here-and-now problem solving. Since a few months back, we have a more stable virus situation and we have been able to devote more time to look forward while also preparing Evolution for a possible future second wave or similar pandemics. We are now working intensively with next year’s product launches and how Evolution will play a role in the continued digitalisation of the casino industry. I believe that our focus on the best game experiences and a relentless approach to always improve as a company will continue to be important pieces as we move ahead. We shall become slightly better each day, and every day shall take Evolution another step forward.”
Powered by WPeMatico
Industry News
CogniPlay Launches New Social Casino Platform
CogniPlay has launched its new software product, which aims to provide a robust online sweepstakes or social gaming platform to its clients. The system is designed to be modular, allowing customers to tailor their brand and offering to what they believe will give them optimal performance.
The CogniPlay system has several key integrations which help to deliver the product, including games integrations with the likes of Pragmatic Play, BetSoft, Mascot Gaming and many more, giving them 100s of games for their clients. There are other integration options for their customers to pick from too, including affiliate programme software, CRM platforms and associated products, KYC, ID verification, Geo-IP systems, Gamification and customer support.
They also have a very long and extensive development pipeline which will see the product offering develop at pace, giving clients an extensive list of options and USPs, and of course giving players a great user experience as a result.
As well as the platform itself the CogniPlay team, due to their considerable experience, also offer a whole host of managed services, with almost a menu that clients can choose from to fill any gaps in their own skillsets or experience.
CogniPlay’s Chief Executive Officer Allan Turner said: “We are very proud to take the CogniPlay product to market and are excited that people who want to start a new social or sweeps brand can get in touch with us to see what we can do for them, or in fact established brands that are unhappy with their existing provider.
“Our underlying principles are that we want to provide the most flexible platform in the space, to enable our clients to create the product they want to have, not for us to dictate the product to them. The two other main areas of focus are that we want to be the most future-proof product on the market with plans for any regulatory or legal changes that may arise in the future, and that we have all the right safeguards in place to ensure that we look after both our clients and players with our responsible gaming setup. This of course means having the right tech and processes in the key areas of KYC, Geo-IP tech, anti-money laundering, fraud, risk assessment and ID verification.”
The post CogniPlay Launches New Social Casino Platform appeared first on European Gaming Industry News.
Hard Rock International
The Mirage Hotel & Casino to Begin Transformation into Hard Rock Las Vegas on July 17, 2024
Hard Rock International (HRI) announced its plans to cease operations of The Mirage Hotel & Casino as of July 17, 2024, to begin the transformation of the property into the highly anticipated Hard Rock Hotel & Casino and Guitar Hotel Las Vegas (HRHCLV).
Hard Rock will develop a new integrated resort featuring a nearly 700 ft. guitar-shaped hotel towering prominently in the center of the famous Las Vegas Strip.
“We’d like to thank the Las Vegas community and team members for warmly welcoming Hard Rock after enjoying 34 years at The Mirage. We’d also like to thank the Unions, community leaders, local and state government organizations and the Gaming Commission for their support and fair negotiations over the past year. Also, we are grateful to MGM for assisting with our transition,” Jim Allen, Chairman of Hard Rock International, said.
“While we pause for the incredible transformation of this iconic property, I’d like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests. We are planning to host collaborative hiring events with other employers in the Las Vegas community over the coming months. Connecting the thousands of talented Mirage team members who provide outstanding service with new employment opportunities is a top priority,” Joe Lupo, President of The Mirage, said.
HRHCLV is expected to double the current number of jobs at The Mirage for the Las Vegas community, while the renovation of the property will generate over 2500 construction jobs. Hard Rock will pay approximately $80 million in severance packages for eligible union and non-union employees remaining with the property through cessation of operations.
Industry News
IGT Reports First Quarter 2024 Results
International Game Technology PLC has reported financial results for the first quarter ended March 31, 2024.
“Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in the first quarter. As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year. We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi,” Vince Sadusky, CEO of IGT, said.
Key Highlights:
- Announced Gaming & Digital business to be spun off and combined with Everi Holdings Inc.; transaction expected to close in late 2024/early 2025
- Recognised with top honours at ICE London 2024 awards programmes including “Lottery Product of the Year” and “Best Diversity and Inclusion Employer”
- Received a supply contract extension from the UK National Lottery
- Executed licensing agreement with the Maryland Lottery for IGT’s patented Cash Pop draw-based game
- Mystery of the Lamp named “Top Performing New Premium Game” at 2024 EKG Slot Awards Show
- Awarded contract to provide PeakDual 27 video lottery terminals across Quebec
- Launched iGaming content in Rhode Island
- Achieved AAA MSCI ESG rating, the highest rating possible, and earned a gold medal sustainability rating from EcoVadis.
“We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs. The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities,” Max Chiara, CFO of IGT, said.
The post IGT Reports First Quarter 2024 Results appeared first on European Gaming Industry News.
-
Central Europe7 days ago
Playtech Expands iPoker Network into the Czech Republic in Partnership with Fortuna Entertainment Group
-
Latest News7 days ago
Week 19/2024 slot games releases
-
Latest News7 days ago
Week 19/2024 slot games releases
-
Canada7 days ago
IGT to Launch Cloud-based iLottery Solutions for Atlantic Lottery in Canada
-
Balkans7 days ago
REEVO Announces Strategic Partnership with Alphawin
-
Bragg Gaming Group7 days ago
Bragg Gaming Appoints Renowned iGaming Executive Neill Whyte as Chief Commercial Officer
-
Compliance Updates7 days ago
Altenar celebrates Greek licence in landmark moment for business
-
Latest News7 days ago
Red Rake Gaming presents some of its games on Swiss4Win, the online brand platform from Casino Lugano